Fed Holds Rates Steady in 10-2 Vote; December Hike in Play

The split vote is the real signal here: two dissents favoring a hike suggest the committee's easing bias is not unanimous, which matters for risk assets that have leaned on a steady-to-lower rate path. Bitcoin's muted reaction implies the hold was priced and the market is now focused on the December question rather than the decision itself. Whether that dissent broadens, or fades, is the open question for crypto and other rate-sensitive markets.